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Original caption: Ant Group initiated a redemption procedure, investors expressed regret but understandable
Our reporter Meng Ke
On the evening of November 5, Ant Group announced that in order to effectively protect the interests of investors, the issuer and the joint major underwriters decided to suspend the issue. The issuer and primary co-underwriters will return to investors in accordance with the IPO subscription funds paid by investors and the corresponding IPO brokerage fee (if any) plus bank deposit interest during the same period . The issuer and primary co-underwriters will initiate the return procedure on November 6, 2020, and the aforementioned funds will be returned on November 9, 2020. Shares subscribed by investors will be canceled on November 6, 2020.
Ms. Xu, who won the signing of the new Ant Group shares, told the “Securities Daily” reporter: “At the time of signing, I bought the Ant Group shares for RMB 34,400. Since the market opened Until the opening of the daily limit, the income from the new negotiation is expected to double. Now repayments The method of adding interest on bank deposits during the same period is far from the expected return. “
Regarding the fact that the repayment and the addition of interest on bank deposits in the same period can generate a large gap in the expected return of investors, Zhu Yiyi, a lawyer at the firm Guoco Lawyers (Shanghai), told the reporter of Securities Daily that there are investment risks in the stock market. Even if Ant Group’s shares open on schedule, the returns expected by investors may not be delivered. Furthermore, if the regulatory policy environment changes in the subsequent period, or the Ant Group’s business structure and earnings model change, the Ant Group’s timely repayment at this stage will also help investors make new decisions and judgments of investment based on updated relevant listing information. .
However, many investors are optimistic. “Fortunately, Ant Group has suspended its listing and refunded. As an ordinary investor, although I regret it, it is understandable,” Zhang told the “Securities Daily” reporter. When a company discloses changes in important matters on the eve of its listing, the post-listing behavior of the company’s secondary market shares will definitely suffer. In the event of a breakdown, it is the investors who will suffer.
Regarding the redemption agreement for A-share renewal funds, Liu Junhai, a professor at Renmin University of China Law School, said in an interview with a Securities Daily reporter that according to the provisions of the new securities law, interest is required to return redemption funds. However, the method of repaying and adding interest on bank deposits in the same period reported by investors has lower returns, said the investment is risky and care must be taken when entering the market.
It is understood that article 24 of the “Securities Law” stipulates that if the issue has been issued but has not been listed, the issuer will cancel the decision to register the issue and the issuer will return the security holders to the issue price plus interest on bank deposits during the same period; the majority shareholder and real controller of the issuer. And the sponsor will assume joint and several liability with the issuer, unless he can prove that he is not at fault.
On November 5, the Shanghai Stock Exchange stated in response to a reporter’s question that it was a decision made by the issuer and the main insurer based on actual conditions. The Shanghai Stock Exchange respects and supports this decision and will work with relevant parties to assist in the return of subscription funds.
It is worth noting that many investors have participated in the Ant Group strategic allocation fund. Previously, five public funds including E Fund, China Asset Management, China Universal, China Europe and Penghua reported on “Innovative Future 18 Month Closed Operation Hybrid Securities Investment Fund”, and investors have fallen in love with its strategic location and bought Ant Group.
For this part of the “basic people”, five public offering funds responded. On November 5, the innovative closed-loop hybrid funds of E Fund, Penghua, China Universal, China Europe and China Europe for the next 18 months simultaneously issued an announcement saying that to maximize the protection of investors’ interests, the five Fund companies will report The exchange applies to quote and trade fund shares so that fund holders can trade their fund shares on the exchange floor. After approval, holders with liquidity requirements can transfer shares of the fund to the market for trading and selling. At the same time, the five companies will also coordinate the ant fund sales company to coordinate the relevant services to facilitate each fund holder.
Zhu Yiyi said that the investment objectives of the five ant strategic placement funds are not only the Ant Group, but also other assets such as information technology, high-end equipment, biomedicine and new energy stocks. At the same time, Alipay also stated that the current operation of related funds will not be affected by the suspension of listing of Ant Group, and related fund companies will always manage related funds prudently and responsibly, and select high targets quality. For investors, they must judge whether to continue investing in relevant strategic allocation funds based on their own risk tolerance and level of capital.
